Danske Bank A/S Changes To The Executive Board And Organisation Of Danske Bank A/S

TIDMDANSKE

Company announcement no. 16 2019 Holmens Kanal 2-12
DK-1092 København K
Tel. +45 45 14 14 00
5 September 2019

Changes to the Executive Board and organisation of Danske Bank A/S

Danske Bank has appointed two new Executive Board members, Stephan
Engels and Berit Behring, while Executive Board members Jim Ditmore,
Frederik Gjessing Vinten and Christian Baltzer will leave their
positions. Executive Board member Jacob Aarup-Andersen will get a new
area of responsibility.

Furthermore, the organisation is adjusted, with Group Development being
dissolved as most of its activities are transferred to the banking units
in order to bring development activities closer to the customers and
create a simpler and more efficient organisation. The Private Banking
activities, which have been part of the Wealth Management unit, are also
transferred to the banking units to ensure better alignment of our
various banking offerings. Going forward, the Executive Board will be
named the Executive Leadership Team.

Stephan Engels becomes CFO. Christian Baltzer leaves his position

Stephan Engels has been appointed Chief Financial Officer and new member
of the Executive Leadership Team. He has been CFO of Commerzbank since
2012. He is expected to take up the position in April 2020. Christian
Baltzer, who has been Chief Financial Officer since 2018, will leave his
position with Danske Bank.

Jacob Aarup-Andersen becomes Head of Banking DK

Until Stephan Engels takes up his position with Danske Bank, the current
Head of Wealth Management, Jacob Aarup-Andersen, will act as CFO. He
will subsequently take up the position as head of the banking activities
in Denmark (Banking DK).

Berit Behring becomes Head of Wealth Management

Berit Behring is appointed Head of Wealth Management and new member of
the Executive Leadership Team. Berit Behring has been with Danske Bank
Sweden since 2007, the past two years as Country Manager. Berit Behring
will also take Group-wide responsibility for our Societal Impact &
Sustainability activities and for Danske Bank in Northern Ireland.
Concurrently with her new areas of responsibility, Berit Behring will
act as interim Country Manager for Sweden until a replacement has been
appointed.

Jim Ditmore leaves his position. New COO to be recruited

Jim Ditmore, who has been Head of Group Services & Group IT (Chief
Operating Officer) since 2014, is leaving his position. Danske Bank has
initiated a recruitment process to find a new COO. Until that process is
completed, CEO Chris Vogelzang will head the COO area.

Group Development is dissolved. Frederik Gjessing Vinten leaves his
position

Since Group Development is dissolved, Frederik Gjessing Vinten is
leaving his position as Head of Group Development and member of the
Executive Board, a position he has held since 2018. Frederik Gjessing
Vinten will remain with Danske Bank until mid-November to ensure a
smooth transfer of the development activities and support the completion
of a number of tasks.

CEO Chris Vogelzang says:

"I am pleased to present two new strong members of the Executive
Leadership Team. Stephan Engels, who will be our new Chief Financial
Officer, brings strong execution expertise and management experience
from banking and other sectors. Berit Behring has delivered strong
results during her 12 years at Danske Bank, most recently as country
manager in Sweden, where she has spearheaded a successful growth
strategy that has made Danske Bank a significant challenger in that
market. I have no doubt that, together with the rest of the executive
team, they will make considerable contributions to Danske Bank's future
development."

"At the same time, I want to thank Frederik Gjessing Vinten for his
dedicated efforts in various positions at Danske Bank over several years
during which he has played a key role for a number of important
initiatives and the development of Danske Bank's strategy. I also want
to thank Jim Ditmore for his efforts over the past five years, which
have created a strong platform for our future operations and IT
development. Finally, I want to thank Christian Baltzer for his
contribution over the past year in the CFO area and across the
organisation."

The organisational changes take effect today and will be reflected in
the financial statements for full-year 2019 at the latest.

Danske Bank's Executive Leadership Team

Following the changes, Danske Bank's Executive Leadership Team consists
of the following members:

Chris Vogelzang, CEO and interim COO

Berit Behring, Head of Wealth Management (new)

Carsten Rasch Egeriis, Chief Risk Officer

Glenn Söderholm, Head of Banking Nordic and interim Head of Banking
DK

Jacob Aarup-Andersen, interim Chief Financial Officer, subsequently Head
of Banking DK

Jakob Groot, Head of Corporates & Institutions

Philippe Vollot, Chief Compliance Officer

Stephan Engels is expected to take up his position as Chief Financial
Officer and member of the Executive Leadership Team in April 2020.

See also the enclosed CVs for Stephan Engels and Berit Behring.